Éamon Ó Cuív (Galway West, Fianna Fail)

If the Deputy checks the definitions in the Dormant Accounts Act 2001, he will find that "agency" means the National Treasury Management Agency. Anywhere that the word "agency" is mentioned in the Dormant Accounts Act 2001 and in this Bill, it refers to the National Treasury Management Agency because that is what the definition at the front of the Bill states. Therefore, anywhere the Bill refers to the chief executive of the agency, it refers to the National Treasury Management Agency, commonly known as the NTMA. The chief executive of the NTMA will be accountable, because he is accountable for the good management of the total fund to the Committee of Public Accounts. At present, the chairperson of the Dormant Accounts Fund Disbursements Board is accountable to the Committee of Public Accounts because currently, the board makes disbursements. The term "board" is also defined in the definitions. Under the new arrangements, however, the board will not make disbursements. Two activities are involved here, namely the management of the fund by the NTMA and the disbursements by the board. The management of the fund remains with the NTMA and therefore its chief executive will still be responsible to the Committee of Public Accounts. However, the disbursements will be made through Departments and therefore the accounting officer becomes the Secretary General of the relevant Department. That person will be called before the Committee of Public Accounts, not the chairperson of the board as heretofore. To do anything else would create——

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